TotalEnergies signs LNG supply agreements with BOTAŞ and CNOOC
In line with its strategy to grow its long-term liquefied natural gas (LNG) sales, TotalEnergies has announced the signing of a heads of agreement (HoA) with BOTAŞ for the delivery of 1.1 MMtpy of LNG for ten years starting from 2027, and a 5-year extension of its sales and purchase agreement (SPA) with CNOOC for the delivery of 1.25 MMtpy of LNG to China until 2034.
BOTAŞ. This agreement allows TotalEnergies to strengthen a long-term presence in the Turkish LNG market. Natural gas plays a crucial role as a transition energy, addressing the intermittency of renewable energy sources and reducing emissions by replacing coal in electricity generation.
CNOOC. Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation.
“We are pleased to initiate and continue long-term collaborations with BOTAŞ and CNOOC, key partners for the company in Türkiye and China, respectively. These agreements enable us to secure long-term sales and reduce our exposure to spot market gas price fluctuations,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies.
Related News
Related News
- U.S. natgas prices hit 20-week high on LNG flows, heat outlook
- Baker Hughes’ fuel flexible NovaLT™ 16 gas turbine certified by RINA for marine propulsion
- Commonwealth LNG FID attracts global syndicate of leading banks
- Dozens injured, 18 missing after blast during restart at giant Qatar LNG site
- U.S. natgas futures rise as hotter weather boosts demand, some spot prices negative
Comments